Wednesday, October 31, 2012

UFBU submitted charter of demands which includes demands for retirees

UFBU has submitted Common Charter of Demands for Bank Workmen and Bank officers separately to IBA on 30th Oct 2012.

Pensioners/Retirees Demands/ Issues incorporated in Officers Charter of Demands are given below for information

"PART IV

SUPERANNUATION BENEFITS:

The employer has an obligation to ensure
that the employees having served the institution almost life time are provided
adequate superannuation benefits so that they are able to live a life of
dignity, honour and above all a comfortable life for having given their blood
and sweat to the institution.

The superannuation expenditure cannot be
considered as a cost and be made subject matter of negotiations. The
compensation paid in the form of superannuation have been described by the highest
court of the country as deferred wages paid to all those who served the
institution with devotion and conviction for ensuring the prosperity, not only
for the institution but the nation as well.

At present, the Banking Industry has
provided for the benefit of Gratuity, the Provident Fund or Pension, Leave
Encashment at the time of retirement, Medical facilities, and several other
welfare facilities.

We strongly feel that there has to be an
exclusive and a comprehensive dialogue between the Officers Organisations and
IBA as to the improvements that are required to be made in the present
superannuation benefits.

PENSION:

The Banking Industry has introduced the
Pension Scheme with effect from 1.1.1986 after protracted discussions and
negotiations between the Officers’ Organizations/unions and the Indian Banks’
Association in the year 1993. The Pension Scheme has remained as such
since the beginning of the scheme in the Banking industry.

The Government servants have seen two pay
commissions during this period and if we consider the date of implementation as
1.1.1986 there have been 3 Pay Commission reports providing very comprehensive
improvements in the superannuation benefits to the civil servants in the
Government.

The Pay Commissions have taken a very
pragmatic view in the last 3 Pay Commission Reports and have made very
substantial changes in the scheme. There is a need to take the same view as
regards the Pensioners in the banking industry as well.

The periodical review of Pension scheme is
the responsibility of the Managements of the Banks. It cannot be tagged
to bipartite settlements which has adversely affected the pensioners and
ultimately the pension scheme remain as an archaic one in the Banking
Industry. As and when there are improvements in the central Govt. Pension
scheme, the IBA should invite the negotiating unions and implement the same

Pension consists of the following parts:-

Basic Pension

Commutation

Dearness
Allowance

The Basic Pension is calculated on the
basis of the last drawn 10 months’ average pay by the retirees or the last pay
drawn whichever is beneficial to the retiree. The formula has remained
the same.

The Government servants have been provided
the benefit of updating of pension at periodical intervals to provide
sufficient cushion against inflation and cost of living.

Dearness Allowance be converted as Basic
Pension as and when the cost of living index increases by about 50%. The
Pensioner will therefore have the benefit of enhanced Dearness Allowance and it
provides a small cushion against the inflation.

The other method adopted by the Government
is to bring all the pensioners on a uniform scale by merging the Dearness
Allowance at the time of revision as recommended by the Pay Commission.
The facility of upgradation of pension above the age of 80 years be made
available to Bank Officers as prevalent in Government. We therefore suggest as
follows:-

BASIC PENSION:

Improve the present Basic Pension in
respect of all the earlier retirees on the basis of the merger of Dearness
Allowance at a level to be decided by mutual understanding between the IBA and
the Officers’ organizations and unions.

COMMUTATION:

The present rate of Commutation has to be
revised to 40% with the existing conversion factor. The full pension be
restored after 10 years.

DEARNESS ALLOWANCE:

The DA formula and neutralization should
be at par with serving officers.

GENERAL:

The voluntary retirement provided in the Officers
Service Rules should be incorporated in the Pension rules and they should also
be made eligible for Pension without any discrimination.

Pension scheme should be extended to all
those who have been denied earlier on the basis of the misinterpretation of the
understandings reached with IBA in particular those who retired under voluntary
retirement scheme as per the service regulations / resigned after completing 20
years.

The officers who joined the bank between
01.11.1993 and 26.01.1996 have to be covered under the pension regulations.

Provision of additional service as per the
Pension Regulations to the extent of 5 years should be extended to each and
every retirees in the banking industry.

Those having relaxation of age at the time
of recruitment on account of disability etc., also to be extended additional
period of 5 years to his / her service qualifying for pension.

Also, for Ex-servicemen their past
services rendered in the Armed Force should be added to his / her service for
qualifying for pension.

FAMILY PENSION:

The Family Pension should be on par with
the Government and be at 30% of last drawn pay by the officer across the board
to every one. The regular family pension will be payable for 10 years or till
the 70th year of notional age of the deceased.

NEW PENSION SCHEME

The employees and officers who joined the
banking industry on or after 01.04.2010 should be governed by the original
pension settlement signed on 29th October 1993 and Gazetted in the
year 1995.

GRATUITY:

The Gratuity should be paid at the rate of
one month salary and allowances without any ceiling. The gratuity should
be completely exempt from payment of income tax.

PROVIDENT FUND:

The Provident Fund should be at the rate
of 12% of the total salary and allowances. The Provident Fund should be payable
to all employees.

ENCASHMENT OF LEAVE:

Encashment of entire leave at credit
should also be permitted on resignation, removal and compulsory
retirement.

The existing ceiling on encashment of
leave should be enhanced to 360 days at the time of resignation /
superannuation. The entire amount should be exempted from income tax as
in the case of the Central Government Employees.

MEDICAL BENEFIT SCHEME:

A comprehensive Medical Scheme for
pensioners/ retirees should be framed and introduced in all the banks as
available now in the case of executive directors and CMDs of the Banks.

WELFARE ACTIVITIES:

A separate allocation of funds for
improvements to welfare of the pensioners should be made every year. The
facilities like Holiday Home, clinics, Transit House etc., should be made
eligible for pensioners also.

LFC/ HTC FACILITY:

LFC / HTC Facility should be extended to
the retirees also at par with serving employees."

2 comments:

UFBU submitted demands ignoring the demand(their own demand) for implementation of enhanced gratuity & IT benefit from 1.11.2007 to the employees retired prior to 24.05.2010. Demands without conviction end up like this only.Good lesson.

Updating/revision of pension of pensioner is inevitable. Better, if it is effected without optingFor legal remedy. It would provide relief to senior citizens in the era of skyrocking prices, besides fetching blessings.

Updating/revision of pension of pensioner is inevitable. Better, if it is effected without optingFor legal remedy. It would provide relief to senior citizens in the era of skyrocking prices, besides fetching blessings.

Updating/revision of pension of pensioner is inevitable. Better, if it is effected without optingFor legal remedy. It would provide relief to senior citizens in the era of skyrocking prices, besides fetching blessings.

Updating/revision of pension of pensioner is inevitable. Better, if it is effected without optingFor legal remedy. It would provide relief to senior citizens in the era of skyrocking prices, besides fetching blessings.

Updating/revision of pension of pensioner is inevitable. Better, if it is effected without optingFor legal remedy. It would provide relief to senior citizens in the era of skyrocking prices, besides fetching blessings.

Updating/revision of pension of pensioner is inevitable. Better, if it is effected without optingFor legal remedy. It would provide relief to senior citizens in the era of skyrocking prices, besides fetching blessings.

Updating/revision of pension of pensioner is inevitable. Better, if it is effected without opting for legal remedy. It would provide relief to senior citizens in the era of skyrocking prices, besides fetching blessings.